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The left supports Biden’s proposals, arguing that they are popular among the public and would reduce inequality.
“Under the Biden proposal, the capital gains tax on wealthy individuals would rise to 43.4%, which would mean net rates well over 50% for individuals in high-tax states such as California and New York. Overall, that change would send the message that the U.S. is not such a great place to accumulate and cash in wealth. As a result, America would lose some of its cultural and economic vitality…
“It may well be true that the U.S. has more efficient ways of encouraging ambition and wealth accumulation than the current approach to capital gains taxation. But to make that argument, advocates of the higher capital gains rate need to say what else they would do to boost the valorization of American wealth. Somehow, however, such explanations are never forthcoming — because this debate really is about a clash of values, not just efficiency, and one side wants to lower the status of accumulated wealth.”
Tyler Cowen, Bloomberg